 ▲ Dogecoin (DOGE), Moon / ChatGPT-generated image |
Dogecoin plunged below $0.10 for the first time in a year and a half, but expectations surrounding Elon Musk’s remarks about a “moon landing” are once again fueling a bottom-buying narrative.
According to cryptocurrency-focused outlet Watcher Guru on February 6 (local time), Dogecoin (DOGE) broke below the $0.10 level during intraday trading and was traded under that price for the first time since September 2024. This move coincided with a broader market correction, as Bitcoin (BTC) also slid below $62,000 on the same day.
Based on CoinGecko data, Dogecoin fell 10.6% over the past 24 hours, 19.5% over the past week, 27.4% over the past two weeks, and a sharp 38.6% over the past month. As short-term losses have deepened, the price has clearly entered a bearish phase, though some interpret the current range as a potential bottom given the historically high volatility of meme coins.
Another factor drawing renewed market attention is a comment by Elon Musk. He recently mentioned a plan to actually send Dogecoin to the moon, stating that the project could proceed next year. These remarks recall past instances in which Musk’s statements amplified Dogecoin’s price volatility, and they are being discussed as a longer-term catalyst.
Another source of optimism is the potential inclusion of Dogecoin in X’s payment features. While there has been no official announcement, Musk has previously allowed Dogecoin as a payment option for certain Tesla and SpaceX merchandise, fueling speculation that it could also be integrated into X’s payment platform. However, this remains an unconfirmed scenario.
In the short term, however, price action remains heavily influenced by the broader market. With investor sentiment significantly weakened following Bitcoin’s sharp decline, Dogecoin has yet to secure an independent catalyst for a rebound. The market is still in a bearish phase, and it remains difficult to rule out the possibility of further corrections until clear signs of recovery emerge.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*